Top Ten Questions about Financing your RV Purchase at Lichtsinn RV

At Lichtsinn RV we have the knowledge and experience to help guide you through your purchase of a new or pre-owned RV.  In the United States, 70 to 80 percent of the 11 million households that currently own an RV have a loan.  We’ve prepared a list of the top ten questions about “financing your RV” that we get here at Lichtsinn RV.

finance

 

How does the process work? 

Most guests call us to complete a credit application over the phone.  It takes about five to ten minutes to complete verbally.   Alternatively, you can complete our online credit application on our secure website or you can also visit us in person.  Usually credit decisions take a day or less.   We work with trusted industry lenders that offer RV specific terms and rate advantages.

How do RV loans work?

Unlike traditional automobile loans and mortgages, RV rates are typically lower for longer term loans.   Most guests opt for a fixed rate twenty-year loan. This provides a lower monthly payment while still providing the flexibility to pay the loan off at any time with no penalty.  We will do whatever we can to help you get the monthly payment and loan term that best suits your budget.

Why should I finance my RV at Lichtsinn RV? 

We work with many national lenders who are competing against each other to provide our guests the most competitive rates. We also handle the whole process for our guests saving time and money! Our lenders are also using only your RV as collateral while some banks and credit unions will ask for other items such as CD’s, investment and even your home. Our goal is to make this process as seamless and easy for our guests as possible while working to help obtain competitive rates!

Are there fees or closing costs?

All of our loans carry no fees at closing, no closing costs and no points.

What are my payment options?

We offer both monthly and bi-weekly payment options.  The bi-weekly payment option can help shorten your term and save you thousands of dollars.

Are there pre-payment penalties?

There are no prepayment penalties and so you can pay extra each month or pay the whole RV off in a lump sum in the future if you choose.

Which lenders do you use?

We work with several lenders across the country to bring you the most competitive and flexible financing options available.   We have partnerships with Bank of America, US Bank, Bank of the West, Huntington Bank and several other major lenders.   We allow them to compete to help get you the lowest rate.

How much money do I need to put down?

Most of our lenders are currently requiring 10% down for RV financing.  There are 0% down options for some well-qualified customers.  Keep in mind that the more you put down the lower your payments will be and you’ll end up paying less in interest over the term of your loan.

Do I need to put my home up for collateral?

The only collateral you’re using to secure a loan at Lichtsinn RV is the RV itself.    You will not need to put up your home for collateral.

Can I deduct the interest on my RV loan?

Yes, in many cases.  According to the RV industry association, under the U.S. tax code, RV buyers can deduct the interest on certain loans used to purchase RVs as a mortgage on a second home. RVs qualify for a second home mortgage interest deduction because they are a popular weekend and vacation ‘home’ for middle-class Americans.

If you have any questions call (1-800-343-6255) or email the Lichtsinn RV Business Office today to find out more about financing your RV purchase.

 

Experience the Best® at Lichtsinn RV, the #1 Winnebago Dealer in North America for the last six consecutive years. Lichtsinn RV is located 1 mile north of Winnebago Industries in Forest City, IA and we proudly sell new Winnebago motorhomes and pre-owned RVs from various manufacturers. While at Lichtsinn RV, you can expect no delivery miles on new RVs, a complimentary half-day educational orientation of your RVexcellent guest reviews, an assigned support team from sales, parts, service and the business officesuperior accommodationsno-hassle pricing and competitive financing. See our extensive new and used inventory here.

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Top Ten Questions about Insuring your RV at Lichtsinn RV

We know that a purchasing an RV is one of the biggest and important investments people make.   To keep that investment safe and secure we offer insurance for your RV right here at Lichtsinn RV.  Insuring your RV has never been easier!

 

insurance

Why should I get my insurance at Lichtsinn RV?

Our business managers are licensed personal lines agents for a variety of companies that specialize in RV insurance.  They work insuring people for RVs on a daily basis.  They can ensure you get the right coverages for your needs.

What is total loss replacement coverage?

In the unfortunate circumstance your RV becomes a total loss most auto insurance companies are going to only cover actual cash value.  We offer policies with Total Loss Replacement Coverage which will pay you what it costs to replace your RV with a new one.

Does my insurance cover international travel?

If you travel north to Canada you’ll be covered, but if you plan on traveling to Mexico you’ll need to purchase Mexican liability coverage before crossing the border.  Your comprehensive insurance will still be in place but you need that extra coverage when traveling to Mexico and other south-of-the-border destinations.

Does insurance cover rock chips on my windshield?

RV windshields can be expensive- especially on Class A motorcoaches.    Many of the policies we’re able to write offer a zero dollar windshield deductible that can save you the expense of replacing your windshield.

How much will insurance cost? 

The cost depends a great deal on what kind of RV you are insuring but most of the policies we write average $1200 a year.

Why is RV insurance so affordable?

One of the big things that insurance companies are going to ask you when you’re doing your quote is how many miles a year are you driving or how many days each year are you using it.  Generally, most of our guests are going to use their RV between 30 and 150 days a year.    This results in a lower rate than you might expect.

Which companies do you work with?

We work with a variety of companies including Progressive, Nationwide, National General and Safeco.

Can I turn off my coverage while my RV is in storage?

We work with carriers who will allow you to take off coverage while your RV is in storage however we also work with carriers who rate the policy based on the number of days your planning to use the RV which eliminates the need for you to take coverage off and you won’t have to remember to put coverage back on before using your RV!

Who do I contact with a claim? 

We will provide insurance identification cards when we finalize the insurance policy and the claims numbers are listed on the card.  You can also always call us here at the dealership and we would be happy to help file the claim with you directly with the carrier.

Is roadside assistance available through my policy? 

All of our carriers offer roadside assistance which can be an option added to your insurance policy.

If you have any questions call (1-800-343-6255) or email the Lichtsinn RV Business Office today to find out more about insuring your RV.

Experience the Best® at Lichtsinn RV, the #1 Winnebago Dealer in North America for the last six consecutive years. Lichtsinn RV is located 1 mile north of Winnebago Industries in Forest City, IA and we proudly sell new Winnebago motorhomes and pre-owned RVs from various manufacturers. While at Lichtsinn RV, you can expect no delivery miles on new RVs, a complimentary half-day educational orientation of your RVexcellent guest reviews, an assigned support team from sales, parts, service and the business officesuperior accommodationsno-hassle pricing and competitive financing. See our extensive new and used inventory here.

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